Business
ValOre Metals Closes Acquisition of Pedra Branca Project and Private Placement
VANCOUVER, British Columbia, Aug. 14, 2019 (GLOBE NEWSWIRE) -- ValOre Metals Corp. (TSX‐V: VO) ("ValOre") today announces the closing of the previously announce
About this update from Valore Metals Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 14, 2019 (GLOBE NEWSWIRE) -- ValOre Metals Corp. (TSX‐V: VO) (\"ValOre\") today announces the closing of the previously announced transaction (see ValOre news releases dated June 6, 2019, May 28, 2019 and July 16, 2019) whereby ValOre acquired the Pedra Branca Project (\"Pedra Branca Project\" or the \"Project\") in northeastern Brazil from Jangada Mines PLC (the \"Transaction\"). The Pedra Branca Project is a Platinum Group Metals (\"PGM\") District covering a total area of 38,940 hectares (96,223 acres) that comprises 38 exploration licenses. Pursuant to a share purchase agreement (the \"Agreement\") among Jangada Mines PLC (\"Jangada\"), Valore and PBBM Holdings Ltd., a wholly-owned, British Columbia incorporated subsidiary of ValOre, ValOre acquired Jangada's interest in the Brazilian holding company Pedra Branca Brasil Mineracao Ltda. (the \"Company\"), which owns the Pedra Branca Project. Material Terms of the Agreement ValOre acquired a 100% interest in the Company in exchange for the following consideration: 1. the issuance and allotment to Jangada of: 22,000,000 common shares in the authorized share capital of ValOre (the \"Initial Shares\") on closing of the Transaction (\"Closing\"); 3,000,000 common shares in the authorized share capital of ValOre (the \"Subsequent Shares\" and together with the Initial Shares, the \"Consideration Shares\") in six equal tranches commencing on the date falling six months after Closing and ending on the date falling thirty-six months after Closing, subject to any adjustment as a result of certain specified liabilities; and 2. cash payments to Jangada in the aggregate of C$3,000,000, as follows: C$250,000 paid to Jangada prior to Closing; C$750,000 paid to Jangada on Closing; C$1,000,000 payable on, or before, 3 months after Closing; and C$1,000,000 payable on, or before, 6 months after Closing. All Consideration Shares will be subject to a statutory hold period expiring four months and a day from the date of issuance. Cormark Securities Inc. was issued 1,000,000 units as a financial advisory fee. Each unit consists of one common share of ValOre and one half of one common share purchase warrant. Each whole warrant will be exercisable into one common share of ValOre for C$0.35 per common share for a period of two years from the date of the closing of th...